Alex Karp, CEO of Palantir Technologies, speaks at the Digital X event in Cologne, Germany on September 7, 2021.
Andreas Lenz | Getty Images
Palantir Shares continued to soar Friday, rising 11% to a record after the military software developer announced plans to move its listing from the New York Stock Exchange to the Nasdaq.
The stock closed above $65.77, increasing the company’s market capitalization to $150 billion. Shares are now up more than 45% since Palantir released better-than-expected earnings reports last week, nearly quadrupling in value this year.
Palantir announced late Thursday that it plans to begin trading on the Nasdaq market on November 26 under the existing ticker symbol “PLTR.” Although the change in listing site does not change a company’s fundamentals, director Alexander Moore, a partner at venture firm 8VC, said in a post on social media site X that the move could be a win for individual investors. It was suggested that there is a sex. Dollars of purchases made by exchange-traded funds.
“Everything we do is to reward and support our retail Diamond Hand fans,” Moore said, referring to a term popularized in the crypto community for longtime followers. I wrote.
Moore appears to have since deleted his X account. His company, 8VC, did not immediately respond to CNBC’s request for comment.
Last Monday, after the market closed, Palantir reported better-than-expected third-quarter earnings and sales and released fourth-quarter guidance that also beat Wall Street expectations. CEO Alex Karp said in an earnings call that the company was “absolutely gutted this quarter” driven by demand for its artificial intelligence technology.
U.S. government revenues rose 40% year over year to $320 million, and U.S. commercial revenues rose 54% to $179 million. In its earnings call, the company highlighted a five-year agreement to expand Maven technology across the U.S. military. Palantir founded Maven in 2017 to provide AI tools to the Department of Defense.
The post-earnings increase coincides with the period following last week’s presidential election. Palantir is seen as a potential beneficiary given its ties to the Trump campaign. Co-founder and chairman Peter Thiel was a huge boost to Donald Trump’s first winning campaign, but the ensuing years saw a rift between Trump and the public.
“If you put a gun to my head, I would vote for Trump,” Thiel said in June when asked about his position on the 2024 election.
Mr. Thiel’s Palantir stock has increased in value by about $3 billion since the earnings release, and by $2 billion since the election.
In September, S&P Global announced that Palantir would be added to the S&P 500 stock index.
Analysts at Argus Research say the rally is pushing the stock too high given its current financial position and growth prospects. Analysts still maintain a long-term buy rating on the stock, calling the company’s quarter “excellent” in a report last week, but downgrading their 12-month recommendation to unchanged.
Analysts said the stock price “may be above levels that the company’s fundamentals can support.”
